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. >> tax hikes remain at the center of the stand-off. what is the dividing line between those gets those tax breaks extended and those who do not. they're holding out hope for an 11-hour deal. hardly the first time that washington has pushed things to the edge. >> i actually think there's still a chance to get something done. so, you know, these deals usually come together at the last moment. >> why are you cautiously optimistic when it seems everyone else is saying we're going to go over the cliff? >> well, to paraphrase ronald reagan, there's so much manure around here there has to be a pony around here. no one wants tax hikes on 98% of the american people. >>> the president faces a potential default in the coming months unless the debt ceiling is raised again. a mo >> it's somewhat like taking your child hostage and saying to somebody else i'm going to shoot my child if you don't want done. there's no republican leader that wants to default on our debt that i talked to, that should be nonpartisan. >> congressman, not the best choice o
. >> tax hikes remain at the center of the stand-off. what is the dividing line between those gets those tax breaks extended and those who do not. they're holding out hope for an 11-hour deal. hardly the first time that washington has pushed things to the edge. >> i actually think there's still a chance to get something done. so, you know, these deals usually come together at the last moment. >> why are you cautiously optimistic when it seems everyone else is saying we're...
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Dec 25, 2012
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i don't think we ought to increase taxes on anyone. however, we're now at a point where we're not going to get what we think is right for our economy and our country. >> with congress coming back, the president will also reportedly cut short his holiday vacation in hawaii. democrats hope mr. obama will continue to fight for a complete agreement, not just a temporary patch. >> i definitely hope that he can and will continue to push for as big a deal as possible, but you've got to remember now, we're just a few days away. >> if no deal is reached over 2 million americans will lose their jobless benefits and workers will see a 2% cut in take home pay as social security payroll taxes go up january 1st. jennifer johnson, nbc news, washington. >> well, around this time of year, there is a big surprise that happens on the rockefeller center ice skating rink outside our news world headquarters. it happens about half a dozen times a day every day. erica hill has the story. >> right outside our doors at rockefeller center, home to the christmas
i don't think we ought to increase taxes on anyone. however, we're now at a point where we're not going to get what we think is right for our economy and our country. >> with congress coming back, the president will also reportedly cut short his holiday vacation in hawaii. democrats hope mr. obama will continue to fight for a complete agreement, not just a temporary patch. >> i definitely hope that he can and will continue to push for as big a deal as possible, but you've got to...
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taxes. we just couldn't come to an agreement. look how great the 113th is to start off the new years. >> and everyone gets to say, you know what? none of our problems will be solved. >> i'm over the fiscal cliff. i'm over you. i really am. >> i quit it, too. i'm with you, thomas. >> i wish i could quit it. >> this is political coward is at its finest. they have passed the bill that lets them do the things that they really want to do. republicans would love to eat into entitlements, but has no fingerprints to say, hey, we didn't do it, the fiscal cliff did it. >> this could be easy to do, i think, because they were close a week ago, then boehner put forward that gimmick on plan b. if they can't get this solved, how will we deal with immigration reform, which i this i is more politically challenging. >> these are self-inflicted punches, wounds, that they crafted to make them better, and they are failing. thanks for putting up with me too, this time. >>> a final salute to general norman schwarz
taxes. we just couldn't come to an agreement. look how great the 113th is to start off the new years. >> and everyone gets to say, you know what? none of our problems will be solved. >> i'm over the fiscal cliff. i'm over you. i really am. >> i quit it, too. i'm with you, thomas. >> i wish i could quit it. >> this is political coward is at its finest. they have passed the bill that lets them do the things that they really want to do. republicans would love to eat...
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Dec 30, 2012
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i think the payroll tax was so for the making tax credit. so when that wasn't renewed that was the best option. i think the payroll tax cut is the best option. i feel like i'm one note on this but to go back to what i said earlier. ultimately, what will keep social security sustainable is the rate of growth in the economy. and i had to trade a couple more years of reduced revenue for social security for more growth, i think more growth is the right trade to make. i'm worried -- a lot of worrying about if we keep the payroll tax low or we lose money for social security over the long term? probably, but i think it's offset by the additional growth you get from just having lower unemployment and faster gdp growth and the whole nine yards. >> one thing that the way they have deviced the payroll tax holiday, they say technically speaking they're not taking money from social security. they're replacing it with money from the general budget. so you never actually have, a gap. but the concern is that that ends up lumping together social security, wh
i think the payroll tax was so for the making tax credit. so when that wasn't renewed that was the best option. i think the payroll tax cut is the best option. i feel like i'm one note on this but to go back to what i said earlier. ultimately, what will keep social security sustainable is the rate of growth in the economy. and i had to trade a couple more years of reduced revenue for social security for more growth, i think more growth is the right trade to make. i'm worried -- a lot of...
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>> if all tax rates go up, any deal can be called a tax cut. it's simple like that. if you go over the cliff, anything's a tax cut. >> if you do it now how's it interpreted? >> the interpretation will some primary voters is you danced around on rates. >> or they pass a bill cutting taxes continuing the bush tax cuts for under $500,000 a year. something they agree on. >> because of what bob's saying is they're worried some voters are going to look at that -- >> unaware of reality that they would confuse this week with next week in terms of the same results. >> governor norquist agrees with you. but some republicans especially in the house who are unwilling to make the plan "b" type deal. >> but in the end where do you think it's going to end up? $500,000? $600,000? >> it's going to be in the middle. closer to obama's $400,000. >> i think that's about right. sounds about like $400,000. >> which leaves out less than 2% of the people. >> absolutely. >> people say that's an average income. most people make about $40,000 a year. that's average. $40,000 and that's with thre
>> if all tax rates go up, any deal can be called a tax cut. it's simple like that. if you go over the cliff, anything's a tax cut. >> if you do it now how's it interpreted? >> the interpretation will some primary voters is you danced around on rates. >> or they pass a bill cutting taxes continuing the bush tax cuts for under $500,000 a year. something they agree on. >> because of what bob's saying is they're worried some voters are going to look at that --...
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Dec 29, 2012
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and the estate tax. it goes on. it goes on. it goes on. why, david jackson, haven't people started screaming from the streets and screaming from the rooftops about what this mean, this is a manufactured crisis. >> well, they haven't felt it in their paycheck and they will after january 1. the government will be taking more out of their paychecks and when the tax time will roll by in april, they'll feel it and businesses will feel it. once people will see they're losing money on this deal you'll see more public outrage about it. >> david naka, mura, calling for an up or down vote if the senate can't come up with it. he's talking about 250,000, at one point 400,000. is it realistic to think that the president can win this thing on an up or down vote? >> if they actually go to an up and down vote there will be a lot of pressure on those who were against a temporary fix with this to make their case known and actually go on the record. that's why the question is would the republican senators who would oppose
and the estate tax. it goes on. it goes on. it goes on. why, david jackson, haven't people started screaming from the streets and screaming from the rooftops about what this mean, this is a manufactured crisis. >> well, they haven't felt it in their paycheck and they will after january 1. the government will be taking more out of their paychecks and when the tax time will roll by in april, they'll feel it and businesses will feel it. once people will see they're losing money on this deal...
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the payroll tax holiday. maybe you don't give the whole amount, just part of it. it adds up to $200 billion so the economy continues to grow. then the debt reduction is raised by february. >> mr. davis. he started his comment about solving this saying you have to take the politics out of it. it's not possible at this point. even though the deal, everything you heard from him, you may have agreed with and go along with it. how are you going to take the politics out of it with the clock ticking? >> if you don't get an agreement, it's going to hurt both parties. somebody may have the advantage today and tomorrow in the news headlines, if this doesn't happen, it hurts the president's legacy, it hardens the lines between them. this is not, as joe said, complicated to solve over the short term. long term, a little more complicated. if they can't get through this, it makes it much more difficult over the long term. >> to both of you here, you heard something the president said. david gregory pushed back on the presi
the payroll tax holiday. maybe you don't give the whole amount, just part of it. it adds up to $200 billion so the economy continues to grow. then the debt reduction is raised by february. >> mr. davis. he started his comment about solving this saying you have to take the politics out of it. it's not possible at this point. even though the deal, everything you heard from him, you may have agreed with and go along with it. how are you going to take the politics out of it with the clock...
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that we're talking about, whether it's something called the alternative minimum tax or the estate tax or extending the current bush-era income tax cuts, all of them cost money. all of them mean we have less revenue to support the operations of government, so if going forward we're going to reach a balance, where we both cut spending and raise revenue, we have to achieve the right balance of those, so if there are folks in the other party, the republican party, who feel strongly that we should not allow income tax breaks of the last decade to continue, that's fine. i think they simply need to be willing to balance that with some of the democratic priorities like extending unemployment insurance benefits for nearly 2 million unemployed americans who will lose them tomorrow. >> thank you senator chris coons for joining us. >> thank you. >> coming up, former president george h.w. bush is out of icu, and the how the oak ridge boys may have helped lift his spirits. >>> and with less than 30 hours to go before the fiscal cliff, we're watching capitol hill for any kinds of a deal today. you'r
that we're talking about, whether it's something called the alternative minimum tax or the estate tax or extending the current bush-era income tax cuts, all of them cost money. all of them mean we have less revenue to support the operations of government, so if going forward we're going to reach a balance, where we both cut spending and raise revenue, we have to achieve the right balance of those, so if there are folks in the other party, the republican party, who feel strongly that we should...
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aides say reid's plan would avoid tax increases for people making less than $250,000, eliminate some big spending cuts and restore unemployment benefits. >> i think you're likely to see a two-step process here, one sort of dealing with the immediate dynamics so that you could in fact set up a situation where you could deal with the larger situation. >> reporter: without a deal, bush-era tax cuts will expire january 1st and deep spending cuts will set in. congress set up the deadline, hoping it would force a compromise. so far, that's backfired. also flying back on air force one is lieutenant governor brian schatz and will likely be sworn in later today. just before taking off, he tweeted that he's looking forward to supporting the president's agenda. reporting live in washington, i'm dan yeielle leigh. mara, back to you. >> thank you. >>> tim geithner is adding to the pressure to get the office calf cliff deal done. in an open letter wednesday, he warned the federal government may not be able to pay its bills once the country reaches its borrowing limit on december 31st, which is mon
aides say reid's plan would avoid tax increases for people making less than $250,000, eliminate some big spending cuts and restore unemployment benefits. >> i think you're likely to see a two-step process here, one sort of dealing with the immediate dynamics so that you could in fact set up a situation where you could deal with the larger situation. >> reporter: without a deal, bush-era tax cuts will expire january 1st and deep spending cuts will set in. congress set up the...
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>> read my lips -- no new taxes. >> he must not be only the envy of the world but the engine of our own renewal. >> all our equal, all are free, and all deserve a chance to pursue their full measure of happiness. >> welcome back to "morning joe." this hour we have an all-star panel to look at the most important lasting legacies of the past presidents. joining us at the table, executive editor at random house and pliltser prize-winning historian john meacham, best-selling presidential historian doris kearns goodwin, and ferris professor at princeton university and author about president eisenhower evan thomas. >> what a great way to start it because dwight eisenhower, you always see presidents rise, you see presidents fall, and over the past four, five, six seven years i have found myself going back and reading ambrose's "eisenhower" over and over again. talk about -- let's start with eisenhower right now, my favorite president. it may change after i read your biography. >> exactly. or after we hear from meacham. >> or hear that he would kick dogs instead of go golf. but talk about eisen
>> read my lips -- no new taxes. >> he must not be only the envy of the world but the engine of our own renewal. >> all our equal, all are free, and all deserve a chance to pursue their full measure of happiness. >> welcome back to "morning joe." this hour we have an all-star panel to look at the most important lasting legacies of the past presidents. joining us at the table, executive editor at random house and pliltser prize-winning historian john meacham,...
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, they will have a tax cut. i think people have been thinking all along that really if push comes to shove, we'll do it in the new year and that seems to be what's developing. >> it creates an interesting dynamic, you'd have a new congress sworn in on january 3rd and ordinarily everyone goes home, get your picture taken, that's it. you're essentially swearing in a new congress and moving to the floor. that's something we haven't seen in quite a while, i'd say in the modern era. >> one of the odd things on the first day is elect a speaker. the majority party puts up -- this time it would be john boehner. the minority puts up their chosen leader, this time nancy pelosi. it's usually pro forma, but this time it has a real weight to it, because one of the reasons we're in this situation right now is because we're waiting for john boehner to be reelected to speaker of the house before they make a move, because only if 16 or 17 republicans don't vote for the guy, he could lose. they just want to wait. >> that's, i thi
, they will have a tax cut. i think people have been thinking all along that really if push comes to shove, we'll do it in the new year and that seems to be what's developing. >> it creates an interesting dynamic, you'd have a new congress sworn in on january 3rd and ordinarily everyone goes home, get your picture taken, that's it. you're essentially swearing in a new congress and moving to the floor. that's something we haven't seen in quite a while, i'd say in the modern era. >>...
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threshold at $450,000 a year for taxes to go up. republicans are looking for $550,000. democrats are no longer insisting on raising the estate tax on the very wealthy. they will now agree apparently to an up or down vote. that was key for republicans. still, both sides remain far apart on extending unemployment benefits and on the sequester. of course that is when the steep automatic spending cuts would slash budgets at the pentagon and other government agencies. let's bring in "usa today" washington bureau chief susan page and "the washington post" congressional reporter ed o'keefe. good morning to both of you and happy new year. >> good morning. >> same to you. >> the senate returns in about an hour. how close are they? what are you hearing? >> you know, i think it is conceivable that we'll have a new year's eve miracle and there will be a deal but i think the safe bet is against it. for this to happen in the next 14 hours you need to have no senator object to a majority vote, you know, any senator can start to filibuster and forc
threshold at $450,000 a year for taxes to go up. republicans are looking for $550,000. democrats are no longer insisting on raising the estate tax on the very wealthy. they will now agree apparently to an up or down vote. that was key for republicans. still, both sides remain far apart on extending unemployment benefits and on the sequester. of course that is when the steep automatic spending cuts would slash budgets at the pentagon and other government agencies. let's bring in "usa...
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the alternative minimum tax kicks in and several tax deductions will also expire. nbc's danielle leigh is on capitol hill with the latest on the negotiation. danielle, what's the latest? >> reporter: good morning. there's been progress and at 11:00 a.m. this morning the senate is going to get back to work. when they do they will not have a lot of time to come up with a deal to avoid those spending cuts and tax increase. both sides are still divided but just before calling it quits yesterday democratic leader harry reid said he hoped to have an announcement in the morning when the senate gets back network. where are they divided? they are divided at what salary taxes should increase but there was progress on taxes for the wealthiest of americans and avoiding the inheritance increases and they are grateful that republicans have given up on demands for cuts to social security at least for now. now this progress has not come easy. democrats have accused republicans of being too suborn on tax increases. just yesterday republicans slammed democrats for failing to give th
the alternative minimum tax kicks in and several tax deductions will also expire. nbc's danielle leigh is on capitol hill with the latest on the negotiation. danielle, what's the latest? >> reporter: good morning. there's been progress and at 11:00 a.m. this morning the senate is going to get back to work. when they do they will not have a lot of time to come up with a deal to avoid those spending cuts and tax increase. both sides are still divided but just before calling it quits...
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and all tax rates will go up on income tax and estate taxes and all the bad stuff will happen and how she's good politics. >> look, politicians are creatures of narrow self-interest, from the self-interested standpoint of a republican house member from a safe district who fears a primary challenge, yes, it's better for them to wait three days, cast -- go over the cliff, cast a vote to cut taxes, and basically screw all the people who are going to be affected by it preserving their own jobs than it is to agree to a tax increase now and risk the wrath of the tea party right two years from now. >> chris, let me ask you about another possible, i hope it doesn't happen. next tuesday or next wednesday when the market reopens on january 2nd and they fully realize at that point that this cliff has been gone over and the congress has failed to meet its own targets which it set itself when it set this cliff up, who will pay the price if say the market drops 500 or 1,000 points and keeps dropping for two or three days and that creates the chances for a second dip, a second recession. who will be
and all tax rates will go up on income tax and estate taxes and all the bad stuff will happen and how she's good politics. >> look, politicians are creatures of narrow self-interest, from the self-interested standpoint of a republican house member from a safe district who fears a primary challenge, yes, it's better for them to wait three days, cast -- go over the cliff, cast a vote to cut taxes, and basically screw all the people who are going to be affected by it preserving their own...
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give the president his tax hike on the rich now. fight him on everything else when taxes aren't part of the conversation. fight him on everything else in six weeks when the debt ceiling is hit or eight weeks, 12 weeks, whenever that fight happens, and do that. i do think that mcconnell -- that's where he wants to be. can he get there in the next 24 hours? that's what we don't know. >> tom brokaw? >> well, it seems to me that the middle class is going to have a date for the prom. everybody is talking about protecting the middle class here. so i think this deal will probably get done around the middle class tax cut. it's at what level. $400,000 or $250,000 or some other number. which is going to be critically important. a lot of people don't realize in a large urban and suburban areas of america, $250,000 doesn't make you rich. have you two kids in college at $60,000. if you're a boomer, you may have a dependent parent of some kind. spending another $20,000 or $25,000 on that. you have to have a definition of what is the middle class.
give the president his tax hike on the rich now. fight him on everything else when taxes aren't part of the conversation. fight him on everything else in six weeks when the debt ceiling is hit or eight weeks, 12 weeks, whenever that fight happens, and do that. i do think that mcconnell -- that's where he wants to be. can he get there in the next 24 hours? that's what we don't know. >> tom brokaw? >> well, it seems to me that the middle class is going to have a date for the prom....
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i think the tax reform, there's general disagreement here. but where they agree on things like corporate rate and immigration reform. >> let me put it a slightly different way. how long does president obama's second term last? >> well, they last four years. but there is a shelf life to what you can get done. people are going to start looking at the midterms pretty quickly. 2013 is a very important year. tax reform, immigration reform, we have to finish implementing the heltcare law. people are going to be signing up for exchanges all over the country. >> we don't know if barack obama is a liberal and limited to a four-year or a six year. he's now freel to do it. we don't really know by next year. >> i'm going to put you on the spot. so 2013, really the big rates. >> that's what i'm talking about. dominating the washington markets. >> it's such a fascinating race because it's kind of -- cuccinelli is kind of the national tea party hero in wading in some ways. it could be michelle bachman. cuccinelli, if he wins, it could be 2016. >> it could b
i think the tax reform, there's general disagreement here. but where they agree on things like corporate rate and immigration reform. >> let me put it a slightly different way. how long does president obama's second term last? >> well, they last four years. but there is a shelf life to what you can get done. people are going to start looking at the midterms pretty quickly. 2013 is a very important year. tax reform, immigration reform, we have to finish implementing the heltcare law....
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take the tax issue -- give the president his tax hike on the rich now. fight him on everything else when taxes aren't part of the conversation. fight him on everything else in six weeks when the debt ceiling is hit or eight weeks, 12 weeks, whenever that fight happens, and do that. i do think that mcconnell -- that's where he wants to be. can he get there in the next 24 hours? that's what we don't know. >> tom brokaw? >> well, it seems to me that the middle class is going to have a date for the prom. everybody is talking about protecting the middle class here. so i think this deal will probably get done around the middle class tax cut. it's at what level. $400,000 or $250,000 or some other number. which is going to be critically important. a lot of people don't realize in a large urban and suburban areas of america, $250,000 doesn't make you rich. have you two kids in college at $60,000. if you're a boomer, you may have a dependent parent of some kind. spending another $20,000 or $25,000 on that. you have to have a definition of what is the middle class.
take the tax issue -- give the president his tax hike on the rich now. fight him on everything else when taxes aren't part of the conversation. fight him on everything else in six weeks when the debt ceiling is hit or eight weeks, 12 weeks, whenever that fight happens, and do that. i do think that mcconnell -- that's where he wants to be. can he get there in the next 24 hours? that's what we don't know. >> tom brokaw? >> well, it seems to me that the middle class is going to have a...
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estate tax, maybe not. the important though, i think, is mcconnell and the senate is important, but ultimately john boehner has said he wants the majority of republican members of the house to vote for whatever deal happens. that's a key factor. they have to agree to something that president obama also agrees to. that's a big gap. basically he's -- i don't know that there's 120 house republican votes for that yet. plan b was voted on, a -- house republicans wouldn't approve of that, either. the how is like a big block here on any kind of permanent deal. >>> i want to bring in debbie wasserman schultz, florida democrat and head of the dnc. congresswoman, when you look at what's happening today, you know, this meeting that's going to be happening at 3:00 p.m., what's going to be talked about there, what do you think? >> look, as long as the leaders are talking, there is still time for us to hammer out a deand prevent us from going over the fiscal cliff. what will be talked about today is what do the outlines
estate tax, maybe not. the important though, i think, is mcconnell and the senate is important, but ultimately john boehner has said he wants the majority of republican members of the house to vote for whatever deal happens. that's a key factor. they have to agree to something that president obama also agrees to. that's a big gap. basically he's -- i don't know that there's 120 house republican votes for that yet. plan b was voted on, a -- house republicans wouldn't approve of that, either. the...
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members of both political parties who badly want these middle class taxes rolled back fa fast, "what the senate did this morning makes it easier for house republicans to follow suit. it was a rare bipartisan vote, 89-8. two hours after america went off the fiscal cliff, vice president biden came to the capitol to sell the fix he worked out with gop leader mitch mcconnell to spoke for senate republicans. >> we don't think taxes should be going up on anyone. but we all knew if we did nothing, they'd be going up on everyone. >> reporter: the senate voted to reverse today's tax hikes on 98% of americans. but to keep the higher rate on families making over $450,000, president obama took credit for breaking 20 years of gop opposition to tax hikes. >> keep in mind that just last month, republicans in congress said they would never agree to raise tax rates on the wealthiewealthi est americans. >> middle class families will wake up today to the assurance their taxes won't go up $2,200 each. >> reporter: not so fast. house speaker john boehner and his gop lawmakers might not go along. boehner
members of both political parties who badly want these middle class taxes rolled back fa fast, "what the senate did this morning makes it easier for house republicans to follow suit. it was a rare bipartisan vote, 89-8. two hours after america went off the fiscal cliff, vice president biden came to the capitol to sell the fix he worked out with gop leader mitch mcconnell to spoke for senate republicans. >> we don't think taxes should be going up on anyone. but we all knew if we did...
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take the tax issue -- give the president his tax hike on the rich now. fight him on everything else when taxes aren't part of the conversation. fight him on everything else in six weeks when the debt ceiling is hit or eight weeks, 12 weeks, whenever that fight happens, and do that. i do think that mcconnell -- that's where he wants to be. can he get there in the next 24 hours? that's what we don't know. >> tom brokaw? >> well, it seems to me that the middle class is going to have a date for the prom. everybody is talking about protecting the middle class here. so i think this deal will probably get done around the middle class tax cut. it's at what level. $400,000 or $250,000 or some other number. which is going to be critically important. a lot of people don't realize in a large urban and suburban areas of america, $250,000 doesn't make you rich. have you two kids in college at $60,000. if you're a boomer, you may have a dependent parent of some kind. spending another $20,000 or $25,000 on that. you have to have a definition of what is the middle class.
take the tax issue -- give the president his tax hike on the rich now. fight him on everything else when taxes aren't part of the conversation. fight him on everything else in six weeks when the debt ceiling is hit or eight weeks, 12 weeks, whenever that fight happens, and do that. i do think that mcconnell -- that's where he wants to be. can he get there in the next 24 hours? that's what we don't know. >> tom brokaw? >> well, it seems to me that the middle class is going to have a...
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this tax deal would also create a perm naanent fix for the alternative minimum tax and extend unemployment insurance for 2 million americans. the president made it clear what his top priority is in any deal. >> preventing that tax hike has been my top priority. because the last thing folks like the folks up here on the stage can afford right now is to pay an extra $2,000 in taxes next year. middle class families can't afford it. businesses can't afford it. our economy can't afford it. >> just an hour later, senate minority leader mitch mcconnell signalled his agreement with the president. >> so i agree, let's pass the tax relief portion now. let's take what's been agreed to and get moving. we all want to protect tax pairs and we can get it done now. >> however, despite what sounds like good news, there will be no vote in the house tonight even in the house reaches a deal. in fact, the senate has adjourned until tomorrow. >> joining me now when we talk a couple of hours ago, there wouldn't be a vote on either side. but maybe something from the senate tonight? quite possibly. aparentally, th
this tax deal would also create a perm naanent fix for the alternative minimum tax and extend unemployment insurance for 2 million americans. the president made it clear what his top priority is in any deal. >> preventing that tax hike has been my top priority. because the last thing folks like the folks up here on the stage can afford right now is to pay an extra $2,000 in taxes next year. middle class families can't afford it. businesses can't afford it. our economy can't afford it....
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if you vote for this bill, it's a vote to lower taxes, not raise taxes. it's optics, it's semantics, but it's very important for house republicans. >> it's ridiculous is what it is. >> and we know that a lot of democrats will support this final package. so, nancy pelosi will bring her votes. >> although welch told me he didn't know whether or not he would support it. >> nancy pelosi has signed off on it. it's up to john boehner to deliver his votes and can he do it without amending it, we do not know at this time. >> all right, luke. thank you very much. >> take care. >> we'll see you soon, i'm sure. >> indeed. >>> well, there's already been grumbling about this senate legislation from both sides of the aisle, but texas republican senator kay bailey hutchison says that is the essence of compromise. >> i don't love it, but i think it is a very good job of negotiating where there are some wins and some losses, and it's about even. >> with me now, the agreeos political editor parry bacon and lynn sweet, washington bureau chief for "the chicago sun ti s times
if you vote for this bill, it's a vote to lower taxes, not raise taxes. it's optics, it's semantics, but it's very important for house republicans. >> it's ridiculous is what it is. >> and we know that a lot of democrats will support this final package. so, nancy pelosi will bring her votes. >> although welch told me he didn't know whether or not he would support it. >> nancy pelosi has signed off on it. it's up to john boehner to deliver his votes and can he do it...
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tax reform, immigration reform. we have to finish implementing the health care law. a year from now people will be signing up for exchanges in states all over the country. >> perry? >> we don't know if barack obama is a liberal a moderate. we've been debating that for two, four years. >> you think we'll know? >> i think we'll know. >> is he a pragmatist? >> is he a pragmatist? an ideologuisdeologuist. >> i'm going put you on the spot, mcauliffe, the big race in 2013. which will dominate the washington media market. terry mcauliffe? >> it's such a fascinating race, because it's kind of -- cucinelli is the national tea party hero in waiting, with alan west and michele bachmann. >> if he wins? >> if he wins, could see him in 2016. just saying. >> year of 2012, besides president obama's re-election, known as the year america got comfortable with gay marriage. that's it for this special edition of "the daily rundown." you can watch us at 9:00 a.m. on msnbc. happy holidays, happy new year. be safe from all of us at "the daily rundown."
tax reform, immigration reform. we have to finish implementing the health care law. a year from now people will be signing up for exchanges in states all over the country. >> perry? >> we don't know if barack obama is a liberal a moderate. we've been debating that for two, four years. >> you think we'll know? >> i think we'll know. >> is he a pragmatist? >> is he a pragmatist? an ideologuisdeologuist. >> i'm going put you on the spot, mcauliffe, the big...
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maybe tax reforms. everyone has an argument to make in the future and i think that is probably why this is going to pass. >> all right. we'll leave it at that. thank you very much. again, happy new year to you. >> thank you. >> coming up at 10:30 a.m. i'll talk to republican congressman tom cole. straight ahead, sending well wishes to hillary clinton. we'll have new details on the health of the secretary of state. keep it right here. >>> we continue to follow breaking news this new year's day. the house is meeting in a short time to take up its version of the bill to pull us back from the fiscal cliff. the senate came through with the deal in the wee hours of this new year. now it's up to the house to come to an agreement and vote before the financial markets have a chance to react when they open tomorrow. majority leader cantor is reportedly saying that no decision on the house vote has been made yet though they expect one soon and we will likely know more after the house republican conference meeting
maybe tax reforms. everyone has an argument to make in the future and i think that is probably why this is going to pass. >> all right. we'll leave it at that. thank you very much. again, happy new year to you. >> thank you. >> coming up at 10:30 a.m. i'll talk to republican congressman tom cole. straight ahead, sending well wishes to hillary clinton. we'll have new details on the health of the secretary of state. keep it right here. >>> we continue to follow breaking...
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in which case middle class taxes will not go up. if that doesn't happen, then democrats in the senate will put a bill on the floor of the senate, and republicans will have to decide if they are going to block it, which will mean that middle class taxes do go up. i don't think they would want to do that politically, but they may end up doing it. and if all else fails, if republicans do, in fact, decide to block it so that taxes on middle class families do go up on january 1st, then we'll come back with a new congress on january 4th, and the first bill that will be introduced on the floor will be to cut taxes on middle class families. and, you know, i don't think the average person is going to say, gosh, you know r, that's a real partisan agenda on the part of either the president or democrats in congress. i think people will say that makes sense because that's what the economy needs right now. so one way or another we'll get through this. do i wish that things were more orderly in washington and rational and people listened to the be
in which case middle class taxes will not go up. if that doesn't happen, then democrats in the senate will put a bill on the floor of the senate, and republicans will have to decide if they are going to block it, which will mean that middle class taxes do go up. i don't think they would want to do that politically, but they may end up doing it. and if all else fails, if republicans do, in fact, decide to block it so that taxes on middle class families do go up on january 1st, then we'll come...
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the nonpartisan tax policy center calculate that is the average middle class family would see its tax rates -- its tax bills rise next year by $2,000. the fiscal cliff isn't the only thing rattling the economy. in just a few weeks lawmakers will begin battling over the debt ceiling. you may recall that in the summer of 2011 the debt limit standoff led to the first ever downgrade of the nation's credit rating. joining us now from capitol hill is cnbc's aman jabbers. appreciate you helping us make sense of all of this. >> happy new year. thank you for having me. >> on a less happy note, there are economists who are saying this whole fight over the fiscal cliff, the rangeling in washington has already caused a hit on the economy. can you explain sort of what the impact of the debate has been. >> you dw definitely seen it. ju as early as friday when we report that the president was not making his new offer with offers down at the white house. we saw the stock market sell off rather dramatically just in those couple of minutes as that news was coming out. i got to say that over the past 24
the nonpartisan tax policy center calculate that is the average middle class family would see its tax rates -- its tax bills rise next year by $2,000. the fiscal cliff isn't the only thing rattling the economy. in just a few weeks lawmakers will begin battling over the debt ceiling. you may recall that in the summer of 2011 the debt limit standoff led to the first ever downgrade of the nation's credit rating. joining us now from capitol hill is cnbc's aman jabbers. appreciate you helping us...
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high-end rates for the estate tax and the capital gains tax will rise. all of those elements will be made permanent. in addition, the alternative minimum tax, which is patched every year, will be fixed permanently. several tax credits, including ones for children, college tuition and earned income, will be extended for five years. and long-term unemployment benefits will be extended for a year. now, the big issue not addressed, those sequester spending cuts, which are simply being delayed for two months. nbc's capitol hill correspondent kelly o'donnell has more on how it went down. kelly, good morning. >> reporter: good morning, chris. this new year means a new day for possible bipartisanship. we've been building up to this fiscal cliff and the deal finally came together late on new year's eve, and it took the vice president coming here to make the final sale to fellow democrats. biden had been negotiating with the top republican in the senate, and they've come together on a deal that keeps most people's taxes right where they have been, but it does set
high-end rates for the estate tax and the capital gains tax will rise. all of those elements will be made permanent. in addition, the alternative minimum tax, which is patched every year, will be fixed permanently. several tax credits, including ones for children, college tuition and earned income, will be extended for five years. and long-term unemployment benefits will be extended for a year. now, the big issue not addressed, those sequester spending cuts, which are simply being delayed for...
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let's raise taxes. let's stick it to those rich people-let's not touch spending. >> two people are gathered in a private room trying to negotiate something that has enormous consequences for this country and for our economy. we are where we are because this process was greasily mismanaged up until this point. [ male announcer ] what are happy kids made of? bikes and balloons, wholesome noodles on spoons. a kite, a breeze, a dunk of grilled cheese. catches and throws, and spaghettio's. that's what happy kids are made of. campbell's. it's amazing what soup can do. gives you 1% cash back on all purchases, plus a 50% annual bonus. and everyone...but her likes 50% more cash. but i'm upping my game. do you want a candy cane? yes! do you want the puppy? yes! do you want a tricycle? yes! do you want 50 percent more cash? no! ♪ festive. [ male announcer ] the capital one cash rewards card gives you 1% cash back on every purchase plus a 50% annual bonus on the cash you earn. it's the card for people who like mo
let's raise taxes. let's stick it to those rich people-let's not touch spending. >> two people are gathered in a private room trying to negotiate something that has enormous consequences for this country and for our economy. we are where we are because this process was greasily mismanaged up until this point. [ male announcer ] what are happy kids made of? bikes and balloons, wholesome noodles on spoons. a kite, a breeze, a dunk of grilled cheese. catches and throws, and spaghettio's....
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float the idea of a tax increase in his state. well, it's about the need to beef up the military personnel in case civil war breaks out in case president obama got elected. here's jung herks edd on that one. >> i'm thinking worst-case scenario. civil unrest, civil disobedience, civil war, maybe. we're not talking just a few riots here and demonstrations. we're talking lexington, concord, take-up-arms and get rid of the guy. the sheriff, i said are you going to back me? he said yeah, i'll back you. >> that was his idea of the worst-case-scenario. here's iowa u.s. congressman steve king with how president obama's mother managed to convince us all that her son was born in hawaii, not in kenya. >> i looked into that before he was sworn into the presidency. we look sbood the library of congress and we found the microfiche of two newspapers, only two newspapers in hawaii. each of them had published the birth of barack obama. that doesn't mean that there aren't some other explanations on how they might have announced that telegram from k
float the idea of a tax increase in his state. well, it's about the need to beef up the military personnel in case civil war breaks out in case president obama got elected. here's jung herks edd on that one. >> i'm thinking worst-case scenario. civil unrest, civil disobedience, civil war, maybe. we're not talking just a few riots here and demonstrations. we're talking lexington, concord, take-up-arms and get rid of the guy. the sheriff, i said are you going to back me? he said yeah, i'll...
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he's never voted to raise taxes. he is opposed to abortion. and republican primary voters there in missouri said hey, this sounds like our kind of guy. so democrats kind of meddled in that primary. they got the candidate that they wanted and he self destructed just as they wanted, making what should have been a tough reelection fight for claire mccaskell kind of a cake walk. >> as the royal mounted miss always say, we always get our money, and claire mccaskill got her man. >>> the president bounced back with two strong showings. here's a memorable line from the third debate that ranked as the number five quote of the year. take a look. >> you mentioned the navy, for example. we had fewer ships than we did in 1916. well, governor, we also have fewer horses and bayonets. because the nature of our military has changed. we have these things called aircraft carriers where planes land on them. we have the ships that go under water, nuclear submarines. >> talk about patronizing. meanwhile, perhaps the most memorable moment from the debates occurred i
he's never voted to raise taxes. he is opposed to abortion. and republican primary voters there in missouri said hey, this sounds like our kind of guy. so democrats kind of meddled in that primary. they got the candidate that they wanted and he self destructed just as they wanted, making what should have been a tough reelection fight for claire mccaskell kind of a cake walk. >> as the royal mounted miss always say, we always get our money, and claire mccaskill got her man. >>>...
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the affect of taxes would have changed. then it is, in fact, a tax cut season. not a tax increase season. again, those mechanics can be adjusted somewhat, but there are real practical elements that go beyond the political wrangling that will be dealing with if, in fact, we get -- if we get a deal, and then it will be sort of a countdown to the clerical staff getting it done. chris. >> as anyone who has ever bought a house can atus to, it takes time just to sign your name to lots of documents. >> exactly. >> i want to go to you. you know, this news about president obama coming on at 1:30 p.m. came just moments ago. have you had a chance to do any reporting? do we expect, this doesn't sound from reporting like is he announcing the deal. what will he do? do we have any idea? >> my reporting mampz kelly's reporting. it does not appear as though president obama will be announcing a deal he will be speaking with middle class americans behind him, and he will send the message that if they do not act by john 1st, the average american will see their taxes go up by about
the affect of taxes would have changed. then it is, in fact, a tax cut season. not a tax increase season. again, those mechanics can be adjusted somewhat, but there are real practical elements that go beyond the political wrangling that will be dealing with if, in fact, we get -- if we get a deal, and then it will be sort of a countdown to the clerical staff getting it done. chris. >> as anyone who has ever bought a house can atus to, it takes time just to sign your name to lots of...
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no taxes? no deals, no compromises. no nothing. period. this is the wall that those of the tea party have raised up. they can't vote for what they campaigned against, spending money on government. and that's "hardball" for now. thanks for being with us. "politics nation" with al sharpton starts right now. >> tonight, in new york city, welcome to "politics nation" second annual revvie awards. it's the best and the worst in politics, 2012. look, all the big stars are on the red carpet. donald trump is in the unreality show category. paul ryan's pumped and ready to go. what's with the hat there? >> and what's an awards show without this guy. he survived a really rough year and he's looking just great tonight. the evening is about to get started. so take a seat before clint eastwood yells at it. sit back and enjoy the show. without further adieu, ladies and gentlemen, please welcome your master of ceremonies and the host of "politics nation," the reverend al sharpton. >> good evening. and welcome to "the revvie awards." i'm al sharpton and the
no taxes? no deals, no compromises. no nothing. period. this is the wall that those of the tea party have raised up. they can't vote for what they campaigned against, spending money on government. and that's "hardball" for now. thanks for being with us. "politics nation" with al sharpton starts right now. >> tonight, in new york city, welcome to "politics nation" second annual revvie awards. it's the best and the worst in politics, 2012. look, all the big...
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half of it's paid for by new taxes. at a minimum you'll see an amendment that says if we're not going to do sequester which was the down payment on the debt ceiling it should be with real spending cuts. >> we're getting indications from the senate they would not even look at an amended bill. mitch mcconnell, joe biden they were here until the early hours of this morning on new year's day. what happens if that -- are we going off the fiscal cliff? >> well, you know, i don't know. that'll be a decision for the senate. but quite frankly, the senate had in its power for over six months to do what they did at the stroke of midnight last night and that is amend a house bill and send it back to us. i think it's a little unreasonable for senator reid to say that something that they produced on new year's eve produced by a bunch of sleep deprived people is what we should adopt within 40 hours. >> cantor obviously you said is against the bill as it stands. boehner reserved judgment, did not say public opinion. boehner can't go ov
half of it's paid for by new taxes. at a minimum you'll see an amendment that says if we're not going to do sequester which was the down payment on the debt ceiling it should be with real spending cuts. >> we're getting indications from the senate they would not even look at an amended bill. mitch mcconnell, joe biden they were here until the early hours of this morning on new year's day. what happens if that -- are we going off the fiscal cliff? >> well, you know, i don't know....
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taxes going up is a bad thing. we're going to let 2% drown. >> no deal is better than a bad deal and this looks like a very bad deal the way this is shaping up. >> that's rand paul and tom harkin, the very opposite sides of the aisle, yet both denouncing even this potential deal. will it pass do you think? >> well, i think if you can get -- if they don't have to deal with the cloture vote and i know tom harkin has long been opposed to the cloture vote, if they just require a majority of votes to get the bill forward, i would imagine they will be able to get the bill through. that was the same provision in which they got the last tax bill through which currently sits on the floor of the house of representatives. so this would be yet another bill different. we don't know all the contours of the bill or what it contains, but it would be different, but we would have the opportunity to in the house to vote on two different options. obviously, we favor the president's option. >> right. congressman john larson, thank you
taxes going up is a bad thing. we're going to let 2% drown. >> no deal is better than a bad deal and this looks like a very bad deal the way this is shaping up. >> that's rand paul and tom harkin, the very opposite sides of the aisle, yet both denouncing even this potential deal. will it pass do you think? >> well, i think if you can get -- if they don't have to deal with the cloture vote and i know tom harkin has long been opposed to the cloture vote, if they just require a...
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and corporate tax reform. i mean, i think there's a real opportunity there on reforming the overall code, but dealing with corporate taxes and dealing -- you know, he started to reach out to business leaders over the course of this conversation on the fiscal cliff. i think that's going to be another thing he looks at. >> now, a couple of things you mentioned in there. immigration reform, maybe corporate tax reform. what we saw in the first term, largely, was sort of intractability, that the president proposed things, health care, economic stimulus got three republican votes, one of whom, arlen specter, was no longer -- became a democrat by the time the election happened. are these things post-election things that republicans can get behind? because we just had an election and here we are, you know, a month and a half later, and we're at the same place with the fiscal cliff that i feel like we were six months ago! >> yeah, well, we've been here, done this, but i think it is possible, i think immigration reform,
and corporate tax reform. i mean, i think there's a real opportunity there on reforming the overall code, but dealing with corporate taxes and dealing -- you know, he started to reach out to business leaders over the course of this conversation on the fiscal cliff. i think that's going to be another thing he looks at. >> now, a couple of things you mentioned in there. immigration reform, maybe corporate tax reform. what we saw in the first term, largely, was sort of intractability, that...
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the payroll tax holiday will expire on new year's day. that means most people will start paying more taxes in each paycheck. another 21 million americans would lose federal emergency unemployment benefits and those, let's remember, are people struggling the most right now. across the entire economy going over the cliff could slow the current growth rate of 3.1% and risk sparking another recession. joining us now to break it down from washington is cnbc's john harwood. thanks for being here. >> hey, ari. >> remind us where we were before plan b, how far apart were the last comprehensive offers between the president and negotiators? >> a few hundred billion dollars, which is a lot of money, sounds like a lot of money, but in the context of a ten-year budget deal when you have some very large programs that can be tweaked one way or another, is not that much. they were within shouting distance if the speaker could bring his caucus along to support the deal that he was promoting and getting close to striking with the president, but it's clear
the payroll tax holiday will expire on new year's day. that means most people will start paying more taxes in each paycheck. another 21 million americans would lose federal emergency unemployment benefits and those, let's remember, are people struggling the most right now. across the entire economy going over the cliff could slow the current growth rate of 3.1% and risk sparking another recession. joining us now to break it down from washington is cnbc's john harwood. thanks for being here....
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over that level, any monies made over that mop any will be taxed at now a 39.6% rate instead of a 35% rate. essentially going back to the clinton era rates, before the bush administration initiated their tax cuts. many democrats were angry about that. we had one tom harken take the floor and voice his opposition. but it is flying through the senate now. it looks like it's going to pass with overwhelming support. it's going to put john boehner, the republican speaker of the house, in a very tough jam. folks want this to happen. this deal has been struck. and maura, one other thing, these mandatory cuts, you may have heard of them called the sequester that were to go into effect today that were the result of the last budget deal that they made. they were to be delayed for two months that will coincide with the debt ceiling that needed to be raised. the united states exceeding its federal debt. that requires an act of congress to raise it. so all of these things are going to come together in two months time and people are already now predicting a fight, if you can believe this, even bigg
over that level, any monies made over that mop any will be taxed at now a 39.6% rate instead of a 35% rate. essentially going back to the clinton era rates, before the bush administration initiated their tax cuts. many democrats were angry about that. we had one tom harken take the floor and voice his opposition. but it is flying through the senate now. it looks like it's going to pass with overwhelming support. it's going to put john boehner, the republican speaker of the house, in a very...
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going to be looking at two big issues, i think the tax reform. there's general disagreement. >> how it goes? >> where they agree on things like corporate rate and that tax reform. and also immigration reform. >> and stephanie, let me put it a slightly different way. how long does president obama's second term last? second terms don't last four years sometimes. domestically. >> they last four years but there is a shelf life to what you can get done because people are going to start looking at the midterms pretty quickly. 2013 is a very important year to get things done, tax reform, immigration reform, we have to finish implementing the health care law a year from right now, people are going to be signing up for exchanges in states all over the country. >> what do you -- >> we don't know if barack obama is a liberal, moderate, debating that four years, six years. next year, we will know what -- >> a pragmatic. >> an ideologue at times? we will know. >> i'm going to put you on the spot. >> i'm ready. >> mcauliffe. the big race of 2013, which by the
going to be looking at two big issues, i think the tax reform. there's general disagreement. >> how it goes? >> where they agree on things like corporate rate and that tax reform. and also immigration reform. >> and stephanie, let me put it a slightly different way. how long does president obama's second term last? second terms don't last four years sometimes. domestically. >> they last four years but there is a shelf life to what you can get done because people are...
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and i don't see it as a tax increase. taxes are going up under current law. i -- if pif i could stop them from going up for everyone i would. it takes a democratic senate, a democrat president to cooperate. it makes sense to save the maximum of taxpayers. that's not a tax increase, that's making perm what are temporary tax cuts for the overwhelming majority of americans. >> if there isn't a deal on fiscal cliff or if it's narrow, if it covers the bare minimum and there's a lot of issues still to be worked out, there's been a lot of disagreement about what that means in the short term, just say through january or february. do you think it would be catastrophic? do you think that there -- >> it's not -- >> it's been overstated? >> it's not catastrophic. but i think the failure to reach a larger deal will be something democrats look back and regret. once the revenue issue's taken care of -- and it will be taken care of quickly -- we're on to the real issues where we have leverage and they don't, that's spending and entitlement issues. there's a sequester itself,
and i don't see it as a tax increase. taxes are going up under current law. i -- if pif i could stop them from going up for everyone i would. it takes a democratic senate, a democrat president to cooperate. it makes sense to save the maximum of taxpayers. that's not a tax increase, that's making perm what are temporary tax cuts for the overwhelming majority of americans. >> if there isn't a deal on fiscal cliff or if it's narrow, if it covers the bare minimum and there's a lot of issues...
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tax increases and other spending cuts will fall into place over time. but not with unemployment insurance. unemployment americans who rely on federal aid will be cut off on january 1st, 2013. however, there is some good news on the unemployment front. the four-week average of job claims dropped to roughly 356,000. it's the lowest level since march 2008. but unfortunately, the national unemployment rate is still 7.7%. and if republicans in congress fail to accuracy millions of unemployed americans will be off to a very rough start for the new year. for more on this let's turn to the reverend dr. haines iii, senior pastor at friendship west baptist church. dr. haines, welcome to the show. >> thank you, professor dyson. >> isn't it ironic, dr. haines, through this entire debate the focus has been on the wealthiest americans paying more taxes, not people who will lose unemployment benefits come january 1st? you're the pastor of a huge church in dallas that talks about poverty and social injustice. what's your reaction to this? >> well, not only is it ironic
tax increases and other spending cuts will fall into place over time. but not with unemployment insurance. unemployment americans who rely on federal aid will be cut off on january 1st, 2013. however, there is some good news on the unemployment front. the four-week average of job claims dropped to roughly 356,000. it's the lowest level since march 2008. but unfortunately, the national unemployment rate is still 7.7%. and if republicans in congress fail to accuracy millions of unemployed...
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estate tax compromise. this is something democrats want as well because the estate tax is due to zoom up to 55% on estates more than $1 million if they're passed and nobody wants to see that happen. they are trying to work on a compromise. unemployment, insurance benefits. obviously something urgent for millions of people collecting and the long-term unemployed who have been unemployed for quite sometime. delaying that sequester. this is what i'm talking about. they're talking about delaying it perhaps three months. this is the ultimate kicking the can down the road. remember the sequester is what got us to this point to begin with. it was supposed to be trigger, the guiotine hanging over the necks of the members of congress to git them to do something by tonight. we only have about 13 more hours. one more thing to show you, folks. we'll take a track here of the limits of this negotiation, the upper income limits we've been talking about. the president campaigned for quite sometime, $250,000, a ceiling if y
estate tax compromise. this is something democrats want as well because the estate tax is due to zoom up to 55% on estates more than $1 million if they're passed and nobody wants to see that happen. they are trying to work on a compromise. unemployment, insurance benefits. obviously something urgent for millions of people collecting and the long-term unemployed who have been unemployed for quite sometime. delaying that sequester. this is what i'm talking about. they're talking about delaying it...